Cryptocurrency Basics

June 26, 2019 Facebook Twitter LinkedIn Google+ Personal Finance & Investing

The Story of Cryptocurrency

Let’s take a look at a short overview of Cryptocurrency.

By Luth Adam

Cryptocurrency refers to or being called an Encrypted Decentralized Digital Currency and a great example would be the Bitcoin.

Cryptocurrency uses cryptography which is a method where you can create coins and secure transactions online as well as offline. Cryptocurrencies are usually open source meaning; “software for which the original source code is made freely available and may be redistributed and modified” but at the same time it is encrypted and based itself on Blockchain Technology.

There are many Cryptocurrencies available in the market where you can trade.

So how do you trade? 

You can trade on Cryptocurrency Exchanges which has significantly gained popularity over the years with values growing every year.

Example of Popular Cryptocurrencies:

  1. Bitcoin,
  2. Ether
  3. Ethereum
  4. Litecoin

Cryptocurrency is legal and taxable but it is not legal tender like money. Unlike your salary which is taxable every year, you can’t pay your taxes in Bitcoin or other types of Cryptocurrency. It is categorized as an investment property instead. Since Cryptocurrency is still in the early stages of growing, cryptocurrencies should be invested for their volatility in the market which can go up or down in value.

You can learn more about Cryptocurrency below. 

Our Tip: Check out Cryptocurrency for Beginners below to get to know more about this exciting Cryptocurrency topic.

  • Understanding Cryptocurrency
  • Cryptocurrency for Beginners
  • How Cryptocurrency works
  • Uses of Cryptocurrency
  • Detailed guides on getting started